Putting a lid on the current mortgage market crisis requires a decisive action by Concress. Please suport the Expanding American Homeownership Act of 20007 (H.R.1852) and the proposed Frank-Miller Cardoza amendment by contacting your member of Congress and ask for their YES vote for both.
The Frank-Miller-Cardoza amendment would increase sinlge family FHA loan limits to 125% of area median home prices. It would also allow for additional increases if changes in market conditions would require them.
H.R. 1852 reforms the FHA home mortgage program by building on the strength and security of successfully insuring mortgages for more than 70 years. It is the immediate and significant response necessary to return stability to the mortgage market
The amendment offered by Congressmen Frank (D-MA), Gary Miller (R-CA) and Cardoza (D-CA) raises the single-family FHA loan limits to 125% of area median home prices and permits the Secretary of Housing and Urban Development to grant additional increases if required by market conditions.
H.R. 1852 would
- allow FHA to risk base its products
- eliminate the 3% down payment on FHA loans for first time homebuyers
- allow FHA to insure more reverse mortgages
- streamline the FHA condominium loan program
- increase the FHA home loan limits in high cost areas
H.R. 1852 will allow FHA to risk-base price its products; eliminate the 3% downpayment requirement on FHA loans for first time homebuyers; increase the number of reverse mortgages that FHA can insure; streamline the FHA condominium loan program; and increase the FHA loan limits nationwide and in high cost areas.
Many homeowners will be facing rising risk of foreclosure with little chance for refinancing in the subprime mortgage market. The proposed amendment will allow these homeowners with a better, safer option. Increasing limits on FHA loans will provide a product that is more affordable than costly jumbo loans.
Contact your Congressional representative by using this link…
Tags: real estate law